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Dec 05 03 12 : 44p Indian River County 772 - 770 - 5095 p . 5
<br /> 2 . Developer agrees to construct said Improvements strictly in
<br /> accordance with the land development permit, the most recent set of pians and
<br /> specifications for this subdivision approved by the County and on file in the Planning
<br /> and Development Division , and all County development regulations and standards ,
<br /> including conditions and requirements of any applicable Countyright-of-way permit, all
<br /> of which are hereby incorporated by reference and made apart hereof.
<br /> 3 . In order to guarantee performance of this contract, Developer shall
<br /> simultaneously herewith furnish an irrevocable letter of credit having an expiration date
<br /> of not less than ninety (90 ) days beyond the date set forth in Paragraph I . provided by
<br /> a banking institution authorized to transact such business in this state, in a form to be
<br /> approved by the County, naming Developer as customer and Bank of America , as the
<br /> underwriting bank, in the amount of $856,911 .90, which amount is not less than one
<br /> hundred fifteen percent ( 115%) of the estimated total cost of improvements remaining
<br /> to be constructed , as detentlined in accordance with the County's Subdivision and
<br /> Platting Ordinance. it is understood that the full amount of the letter of credit shall
<br /> remain available to the County and shall not be reduced during the course of
<br /> construction unless approved in writing by the County's Public Works Director pursuant
<br /> to Indian River County Code Section 913 . 10 . Requested reductions shall not be
<br /> unreasonably withheld by the County. Developer may at any time substitute
<br /> guarantees , subject to the approval as to form and amount by the County.
<br /> 4 . Up to $ 1 , 000,000,04, or the limits of any applicable underlying or
<br /> excess Insurance coverage carried by Developer or to be obtained during the course of
<br /> the construction of the subdivision improvements, Developer agrees to indemnify, hold
<br /> harmless , and defend the Couniy against any and all claims , damages , losses, and
<br /> expenses, including attomey's fees , for property damage, personal or bodily Injury , or
<br /> loss of life, arising from the negligent acts or omissions of the Developer, its officers ,
<br /> employees , agents, or contractors subcontractors , laborers , or suppliers , relating to the
<br /> construction of the required improvements , including all those Improvements to be
<br /> constructed on existing publicly dedicated or County-owned _property, such as street,
<br /> sidewalk, bikepath , lighting , signalization , traffic control , drainage , water, , or sewer
<br /> improvements .
<br /> 5 . The County agrees to approve the plat for recordation in the Public
<br /> Records of Indian River County, Florida upon a finding as to compliance with all
<br /> applicable provisions of the County's Subdivision and Platting Ordinance and upon
<br /> execution hereof. The County shall accept those areas specifically dedicated to the
<br /> County for the purposes indicated on the plat at the time of plat recordation . However,
<br /> nothing herein shall be construed as creating an obligation upon the County to perform
<br /> any act of construction or maintenance within such dedicated areas until such time as
<br /> the required improvements are satisfactorily completed . Satisfactory completion In
<br /> accordance with the land development permit, pians , specifications, and ordinance
<br /> requirements of Indian River County shall be determined by the County and shall be
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